Washington Trust Provides $13.6 Million to EIM Plainfield Pike, LLC
April 06, 2020
Cranston, RI - April 6, 2020 - Washington Trust’s Commercial Real Estate Group recently provided $13.6 million to EIM Plainfield Pike, LLC, an affiliate of Equity Industrial Partners, for the refinancing and renovation of a warehouse property located at 2700 Plainfield Pike in Cranston, RI. The warehouse is conveniently located just off I-295 and less than ten minutes from I-95, allowing for access to all the Northeast’s premier markets in under two hours, including Boston, Springfield, Worcester and Hartford.
The property is improved with 214,720 square feet of refrigerated and freezer space, which will help fill the growing demand for cold storage space generated by evolving ecommerce trends. The warehouse also features 34 exterior docks, four drive-in docks, 200 parking spaces, and 30 foot ceiling heights.
“Washington Trust was pleased to expand our relationship with Equity Industrial Partners,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust’s Commercial Real Estate Group. “Their renovated space will help meet the growing demand for refrigerated storage space, and is situated in a prime location with convenient interstate access.”
EIM Plainfield Pike, LLC is an affiliate of Equity Industrial Partners (EIP), a Needham, MA based real estate and investment firm. EIP currently owns and manages a portfolio of over 70 properties encompassing over 19.8MM square feet of space throughout the United States.
Washington Trust's Commercial Real Estate Group provides commercial real estate mortgages for the construction, refinancing, or purchasing of investment real estate projects. Financing ranges in size from several hundred thousand dollars up to multi-million dollar projects. For more information, contact Bethany Lyons, Vice President, Commercial Real Estate Group, at 401.348.1538.
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Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ: WASH). Additional information on Washington Trust and its subsidiaries can be found at https://www.washtrust.com/.